we have make a provision entry for Directors Commission (Section Code 92B) with TDS deduction and credited to directors account on 31-03-2008 but till date the net commission after deducting TDS was not paid to directors what is the due date for TDS Payment to Govt.pl clarify till date we have not paid the TDS also we have to pay the interest on late payment of TDS or not

ours is a pvt ltd co.in building construction trade,we have taken over a partnership firm as a going concern and after taking over the partnership firm,the partnership firm is dissolved.our pvt ltd co. now wants to take the advantage of credentials of taken over partnership firm--
1.like its experiences of work done,i.e.work completion certificates.
2.its turnover in last years.
The query is so generated bcoz ours pvt ltd co.is doing contract business so previous experience[specially these two] is a critical factor in bidding.

Sir,

I am confused. Yesterday i got two opinion stating Driver's salary should be included in vehicle running & maint exp.

Please refer to "CIRCULAR No. 8/2005, dt 29/8/05 of Fin Act, 2005.

Point No. 78

Reimbursement in respect of car exp on the basis of bills submitted & driver's salary on the basis of declaration :

such reimbursement is effectively exp of employers for the purpose ofconveyance, tour & travel covered in clause (F). SO IT IS A CONVEYANCE EXP.

Point No. 87

Salary paid to driver of a motor car :
is a vehicle running & maint exp.

THE ABOVE TWO POINTS ARE CONTRADICTORY.

CAN U URGENTLY CLARIFY.

WHAT IS THE CORRECT TREATMENT?

Thanks

Subhash

If I made an investment in the bonds under section 54EC before expiry of 6 months, by way of cheque and the stamp on the bond is of the date of submmission of cheque. but, if the clearance of cheque is after the date of expiry of 6 months will i be able to avail the exemption? the assessing officer denies to grant the exemption. please resolve as soon as possible.

Which is the best insurence plan to mainimise the individual income tax

What is the difference between sales and turnover?

Respected Sir,

Suppose if I had Deducted and paid excess Tds u/s 194C then

A. Can I adjust it against future payments to same party (deductee),

B. Can I adjust the same against payments to other parties (where Tds is Deductible u/s 194C only)

C. Can I adjust the same against payments to other parties (where Tds is Deductible under any other section other than 194C)

D. If yes, then can I do the same in respect of excess computation and payment of interest on late payment of TDS

One of our company director is going to Hongkong for training on a particular machine for which we need to pay an amount of 500 Euro to a German company. Is TDS required to be deducted from the remitance of 500 Euro to that german company under Sec195 of the income tax act.

Can Capital gain or Loss arise in case of Transfer of Land (Capital Assets) in exchage of another land?

Dear Friends,

One of our client had received some cash loans which could not be proved up to the satisfaction of the Assessing Officer. The same was added back with returned income and the assessee paid the demand raised. Now the question is what to do with the outstanding amount in Loan creditors account. Can the assessee transfer the amount added with the income to his Capital Account. There should not be further tax liability. Your views please.